Copart, Inc. (NASDAQ:CPRT) Shares Sold by Synovus Financial Corp

Synovus Financial Corp lowered its stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) by 8.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 121,678 shares of the business services provider's stock after selling 11,264 shares during the quarter. Synovus Financial Corp's holdings in Copart were worth $6,376,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CPRT. Kinsale Capital Group Inc. grew its holdings in Copart by 17.7% during the 3rd quarter. Kinsale Capital Group Inc. now owns 89,979 shares of the business services provider's stock worth $4,715,000 after acquiring an additional 13,554 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Copart during the 2nd quarter worth $5,418,000. Anthracite Investment Company Inc. acquired a new position in shares of Copart during the third quarter worth $2,358,000. Meeder Asset Management Inc. increased its holdings in Copart by 15,096.5% in the third quarter. Meeder Asset Management Inc. now owns 87,380 shares of the business services provider's stock valued at $4,579,000 after buying an additional 86,805 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its stake in Copart by 68.5% in the second quarter. Public Sector Pension Investment Board now owns 34,840 shares of the business services provider's stock valued at $1,887,000 after buying an additional 14,158 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Copart news, Director Thomas N. Tryforos sold 83,310 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $61.86, for a total transaction of $5,153,556.60. Following the completion of the sale, the director now directly owns 7,850 shares of the company's stock, valued at approximately $485,601. This trade represents a 91.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman A Jayson Adair sold 251,423 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $63.79, for a total value of $16,038,273.17. Following the completion of the transaction, the chairman now directly owns 14,436,557 shares in the company, valued at approximately $920,907,971.03. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.68% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Copart from $55.00 to $60.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. Robert W. Baird decreased their target price on Copart from $58.00 to $56.00 and set an "outperform" rating for the company in a research note on Thursday, September 5th.

Copart Stock Performance

NASDAQ CPRT traded down $0.85 during trading hours on Friday, hitting $61.23. The company had a trading volume of 2,702,567 shares, compared to its average volume of 4,429,008. The business has a 50 day moving average of $57.01 and a 200-day moving average of $54.03. The company has a market cap of $59.00 billion, a PE ratio of 43.12 and a beta of 1.31. Copart, Inc. has a 1-year low of $46.21 and a 1-year high of $64.38.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.37. Copart had a return on equity of 18.96% and a net margin of 31.92%. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the business posted $0.34 EPS. The firm's quarterly revenue was up 12.4% compared to the same quarter last year. Sell-side analysts expect that Copart, Inc. will post 1.57 earnings per share for the current fiscal year.

About Copart

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.